"Revenue and earnings are expected to trend upwards," Terry Sandven, U.S. Bank Wealth Management chief equity strategist, wrote in a note. "We continue to look for equities to grind higher as earnings trend upwards."

On the economic calendar in the coming week: The April Empire State Manufacturing Survey and the housing market index will be released on Monday; housing starts and industrial production for March on Tuesday; the weekly Energy Information Administration petroleum status report and the Federal Reserve's beige book on Wednesday; jobless claims and the Philadelphia Fed business outlook survey for April on Thursday, and existing home sales and the purchasing managers' index (PMI) for April on Friday.

President Trump is set to meet with Italian Prime Minister Paolo Gentiloni at the White House Thursday.